Morgan Stanley announced Thursday John J. Mack will be stepping down from his position as chairman at the end of this year.

Mack, who has been with Morgan Stanley for more than 30 years, will be replaced by chief executive James Gorman, the bank said in its release.

While Mack will retire from his full-time role at the firm and no longer serve as a member of the board, he will continue to serve in an advisory capacity, Morgan Stanley said.

The move should not come as a surprise.

Mack, 66, said he made it clear in 2009 that he would serve in the post of chairman for two years and then move on.

"I leave knowing that the people of Morgan Stanley have accomplished a great deal these last few years – carrying our company and our clients through the most challenging market conditions of our lifetime, while staying true to the culture and client-centered values that have long defined the Firm," Mack said in the statement.